Common use of Ship Clause in Contracts

Ship. each Mortgaged Ship will on the date of this Agreement or on the relevant Delivery Date be: (a) in the absolute ownership of the relevant Owner who will on the date of this Agreement or on and after the relevant Delivery Date be the sole, legal and beneficial owner of that Ship; (b) provisionally registered in the name of the relevant Owner under the laws and flag of the relevant Flag State through the relevant Registry; (c) operationally seaworthy and in every way fit for service; and (d) classed with the relevant Classification free of all requirements and recommendations affecting class of the relevant Classification Society;

Ship. each Mortgaged Ship will on the date of this Agreement or on the relevant Delivery Date be: (a) in the absolute ownership of the relevant Owner who will on the date of this Agreement or on and after the relevant Delivery Date be the sole, legal and beneficial owner of that Ship; (b) provisionally registered in the name of the relevant Owner under the laws and flag of the relevant Flag State through the relevant Registry; (c) operationally seaworthy and in every way fit for service; and (d) classed with the relevant Classification free of all requirements and recommendations affecting class of the relevant Classification Society;